1.On 1 July 2019, Coastalwatch Ltd issued 5 million shares at $5.00 each. All the shares were subscribed for. Coastalwatch Ltd incurred the following costs that were associated with the share issue:

Advertising of share issue and prospectus

10 000

Accounting fees associated with drafting of prospectus

4000

Legal expenses associated with share issue

5000

requried

Provide the journal entries to account for the receipt of the application monies and the subsequent allotment of the shares.